Ann: WAF to Acquire 6.8Moz Kiaka Gold Project and Equity Raising, page-23

This looks like a win / win to me. Especially as B2G are not really 'selling out' of the asset or the region

Win for B2G - They will get a 7%+/- stake in WAF (so will continue to benefit from the project plus get exposure to everything else WAF has to offer which is the cash machine Sanbrado and exploration upside) and they get a royalty that is currently worth around US$150m at $1800 gold price. This seems pretty nice for B2G as they don't need to take any risk on development etc so can focus on the bigger fish they have to fry.

Win for WAF - WAF gets a chance to build another mine (getting the team back together as nord has said many times). They don't need any debt to fund - in fact should still have surplus cash flow of around US$100m pa (maybe a bit less?) after funding the build. But more importantly - Total costs of the acquisition is really US$250m (including royalty) which for a resource this size (around 5m indicated ounces) seems a very good price of around US$50 per indicated ounce.

Not advice

(I've adjusted sentiment to none to reiterate no advice disclosure)